Partnership allows Crypto ATM Company to Streamline Compliance
Roseville, CA — May 18, 2021—ComplyFit, the leader in money transmitter licensee reporting, announced a new partnership agreement with CoinFlip, the leading global Bitcoin ATM operator, to organize and streamline the company’s compliance efforts at the state and federal level. CoinFlip currently operates in 46 states and will leverage the groundbreaking tool to file quarterly reports, annual renewals and other reporting obligations at scale to align with the company’s rapid growth.
Cryptocurrency is a growing financial market that still faces scrutiny and associations with illicit activity. Extensive reporting and sharing of transactions help alleviate those concerns and allow businesses and consumers to have faith in the emergence and acceptance of digital currency. As a ComplyFit client, CoinFlip will have the latest technology to continue its efforts as a standard-bearer for cryptocurrency ATM providers across the country.
“The cryptocurrency market is experiencing an explosion of consumer and business interest right now, which naturally encourages more regulation at both the state and federal levels,” said Annelise Strader, Co-Founder of ComplyFit. “Our mission is to help every money transmitter manage the increasingly complex nature of compliance and reporting. We’re honored to work with CoinFlip as it expands its network throughout the country.”
“As CoinFlip enters into new states and markets, we must find new and innovative tools to keep up with the evolving nature of cryptocurrency,” said Ben Weiss, CEO of CoinFlip. “Our partnership with ComplyFit helps our company remain compliant in the 46 states we operate in and ensures our stakeholders that CoinFlip always has and will continue to be a leading and respected company in the industry.”
ComplyFit software is built by compliance professionals to save money transmitters time, money and headaches. By using the software, MTL reporting adds an added layer of verification and security to each transaction offering the sender and recipient a peace of mind.
For more information about ComplyFit or to schedule a demo of the platform, please visit https://complyfit.com/.
ComplyFit is a SaaS productivity tool that enables crypto and fintech companies to manage their state money transmitter licenses across each of the 50 states. Features include quarterly reporting, annual renewals and reports, advanced change notice requirements, and miscellaneous required reports. The platform is updated regularly by compliance professionals with the assistance of machine learning technology keeping licensees on top of regulatory reporting changes in near real-time. ComplyFit saves licensees the tedious task of having to compile, update, and track this information manually. Founded in 2019, ComplyFit is based in Sacramento, California.
CoinFlip is the leading Bitcoin ATM operator globally, with over 2,500 machines across 46 states supporting the buying and selling of nine major cryptocurrencies with cash. The company cuts typical transaction fees by more than half, offers an incredibly simple user experience and introduced 24/7 customer support, which has now become an industry standard. CoinFlip’s goal is to advance crypto adoption, accessibility and liquidity to support communities, like the underbanked, who need it most. Its ATMs are on the frontline of a financial revolution, where Bitcoin and blockchain technology can empower those who have been left behind by legacy financial institutions. Founded in 2015, CoinFlip is headquartered in Chicago.
This release originally appeared on PRWeb, and can be viewed here. If you have questions, you can contact Annelise Strader at (781) 710-2737 or schedule a demo here.